The jury in the trial of former solicitor Michael Lynn has retired for the day after its first day of deliberations.

Judge Martin Nolan sent the jury home yesterday evening (19 December) after three hours and 45 minutes of deliberating. They will resume considering their verdicts today.

Mr Lynn (55) of Millbrook Court, Redcross, Co Wicklow, is on trial accused of the theft of around €27 million from seven financial institutions. He has pleaded not guilty to 21 counts of theft in Dublin between 23 October 2006 and 20 April 2007.

Mortgages

It is the prosecution’s case that Lynn (pictured) obtained multiple mortgages on the same properties, in a situation where banks were unaware that other institutions were also providing finance.

The financial institutions involved are Bank of Ireland, National Irish Bank, Irish Life and Permanent, Ulster Bank, ACCBank, Bank of Scotland Ireland, and Irish Nationwide Building Society (INBS).

Lynn has told the court that he had “off-the-books” agreements with the banks to use the loan money for his property developments abroad.

The trial continues.